Check Out the Latest Numbers Show Prices of New Homes Increase in San Francisco, Sales Decline
Posted on: Apr 09, 2014 07:01:57 AM
New home closings in the San Francisco, CA market declined year-over-year in January, and the percentage decline was steeper than December 2013, giving suggestion the market may be worsening. New home closings saw a decline of 26.9% from the year earlier to 185. This came on the heels of a 21.8% drop year-over-year in December.
A total of 3,163 new homes were sold during the 12 months that ended in January, down from 3,231 for the year that ended in December.
Of the total number of closings, new home closings made up 6.6%. New home closings were 6.8% of overall closings last year. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 26.4% in January to $764,556 per unit. This hike is smaller than the 27.2% lift in December year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. It climbed to $540,886 in January, a 17.2% surge. Average mortgage size climbed 21.9% in December 2013 from a year earlier.